Blockchain Consulting Firms- All You Need To Know

Never than before has it become clear that blockchain is the technology of the future. Comparisons to the kind of impact the internet had in the 21st century, continue to fill the air. Even though in the early stages of development, blockchain technology is already sending ripples at the backdrop of increased usage in various sector. Blockchain consulting continues to gain momentum as businesses and people try to understand the underlying technology powering cryptocurrencies.

Blockchain technology continues to find increased usage not only in the financial sector but also in other sectors given its capabilities. The technology has the potential to be a savior in the healthcare sector given its credentials when it comes to providing a tamper-proof ledger for safe record keeping.

Blockchain technology is also playing a pivotal role in enhancing supply chain management. Over the years, claims processing in the insurance sector has always been a frustrating procedure. However, the ledger technology is slowly emerging as the ultimate answer given its potential in providing a perfect system for risk-free management.

Widespread application of the ledger technology has essentially given rise to unique business opportunities key among them being Blockchain consulting.

Blockchain Consulting Service

As the ledger technology continues to evolve so are businesses and organizations looking for ways to gain a head start on a technology that promises significant opportunities. Blockchain consulting firms are slowly cropping up, all in the effort of addressing the growing demand for professional advice.

Companies around the world looking for ways to harness the revolutionary technology is what is triggering demand for blockchain consulting services. Blockchain technology consulting is fast becoming a booming business as firms look to leverage the technology in addressing underlying issues ranging from network downtime or security breaches.

Below are some of the top Blockchain technology-consulting firms that are shaping the burgeoning sector in different watts.

Deloitte

No other mainstream company stands out in the way of Deloitte when it comes to offering a one of a kind Blockchain consulting service. The company has set out to help clients explore every aspect of the emerging technology in the effort of delivering tailored solutions for delivering value.

The International blockchain consulting service provider offers valuable insight when it comes to architecture, digital design as well as development on blockchain technology. Its primary goal is to help companies and individual developers come up with innovative blockchain solutions capable of addressing real business issues.

The company’s blockchain labs are ideal for firms that seek to gain knowledge on strategy prototyping as well as development support, suitable for harnessing blockchain technology opportunities. The company promises to help interested parties identify relevant use cases as well as harvest the benefits of digital technology.

Deloitte promises intensive collaboration with clients all in the effort of evaluating existing processes as well as pain points of blockchain adoption as part of its consolation services. Companies that engage the international blockchain consulting service provider should be able to grasp the broad innovation landscape of blockchain opportunities.

EY Global

Having acknowledged the fact that Blockchain technology has the potential to streamline and accelerate business processes, EY Global has set out to offer a wide array of blockchain consulting services.

The blockchain consulting firm’s operations revolve around helping businesses identify critical business challenges that the technology can best address. The company comes with a dedicated team of developers, strategist as well as engineers that work hand in hand with clients on the blockchain implementation and utilization front.

As an international blockchain consulting service provider, the company seeks to help clients come up with the best blockchain strategies. Its global network currently offers more than 50 business processes powered by the revolutionary technology. Clients can leverage the blockchain solutions in areas of financial services as well as healthcare logistics among other industry sectors.

For clients still on the fence about Blockchain utilization, EY Global promises to enhance awareness as part of its first phase of identifying blockchain potential. In the second phase of its blockchain consultation service, the company focuses on identifying the areas of application that the digital technology would be of great value.

In the third phase, EY Global helps clients develop a transformational road map by consolidating prioritizing and building a multi-phase transformational roadmap.

ArcTouch

ArcTouch has set itself apart from the competition when it uniquely comes to blockchain consulting services. The blockchain development company specializes in helping businesses gain a competitive edge when it comes to conducting intensive technology workshops as well as providing app strategy.

The company boasts of vast technical experience when it comes to working on Blockchain-as-a-Service on platforms such as Amazon Web Service, Microsoft, Ethereum and Hyperledger. The team specializes in providing valuable insights into the implementation of various blockchain-based prototypes as well as decentralized app development.

ArcTouch also offers blockchain consulting services for evaluating private blockchain networks. It also provides insights into the development and implementation of smart contracts.

101 Blockchains

101 Blockchains is emerging as a one-stop blockchain consulting platform. The online platform has curved for itself a niche market when it comes to providing valuable information about blockchain technology.

Launched in 2018, Its primary goal is to help enterprises, as well as individuals, understand the technology itself as well as the businesses behind the new economy and navigate their path through the blockchain digital transformation.

The company is helping businesses’ gain a clear understanding of what blockchain is all about and how to harness its capabilities. Valuable information on the building blocks of blockchain technology as well as market reports and notable vendors.

ABES Lab

A subsidiary of Aplana Software, ABES Lab is a top blockchain consulting firm based in Philadelphia USA. Leveraging the capabilities of its parent company, the firm offers a wide range of blockchain consulting services ranging from architecture design to support and maintenance.

Just like other top blockchain-consulting firms, ABES Lab also helps firms come up with blockchain-powered applications as well as smart contracts. However, its core operation revolves around assisting businesses to implement innovative solutions, which integrate the digital technology in supply management as well as in contracts management.

ABES Lab seeks to equip businesses with skills of transforming the contract management process into a fully automated process. The international blockchain consulting firm is well supported by a team of highly skilled personnel on matters on dApp development. The team is also well conversant with Hyperledger, Solidity as well as Ethereum, which are at the heart of blockchain technology.

Codezeros

Based in India, Codezeros is an international blockchain consulting service provider that develops and provides emerging technology services. The company offers blockchain and cryptocurrency development services supported by a team of skilled developers as well as strategists.

Some of the blockchain consulting services it provides include Initial Coin Offering Development as well as digital wallet development. The team also specializes in helping clients develop and leverage the power of smart contracts in various operations. The group also provides valuable insights into the development of decentralized applications for addressing multiple business needs.

LeewayHertz

Headquartered in San Francisco, LeewayHertz is a reputable blockchain consulting firm that provides a wide array of services geared towards harnessing blockchain technology capabilities. As a blockchain consulting service provider, the firm has developed over one hundred big enterprise-grade digital platforms. The company has also built a name for itself on the development of mobile apps as well as augmented and virtual reality solutions.

The blockchain consulting firm comprises of a team of skilled blockchain developers with vast experience pertaining to the technology

Blockchain Mind

Canadian Blockchain Mind is an international blockchain consulting firm that strives to help businesses as well as people asses how blockchain technology can be of great value to their operations. Unlike other blockchain consulting firms, the company deploys an integrator and revolutionary process when it comes to providing blockchain consultation services.

The company strives to change the way companies do by finding ways to integrate blockchain technology to enhance efficiency and operations. A key area of specialization revolves around helping clients develop blockchain app solutions for addressing needs and challenges.

How to Choose a Blockchain Consulting Service Provider

The choice on which blockchain consulting firm to go with will always come down to many factors. Although blockchain consulting firms are tied to one another when it comes to the kind of services they offer, the choice of company to go with depends on services required.

While some blockchain consulting firms offer broad-based consultation services, others tend to specialize in niche areas around the digital technology. The fact that companies’ needs, when it comes to blockchain technology application vary, calls for a more cautious approach when choosing which blockchain-consulting firm to go with.

However, business should consider some factors, before engaging the services of blockchain consulting firms. Top on the list is a firm’s reputation when it comes to offering reliable blockchain services.

Blockchain technology is continually evolving. For that reason, it would be essential to go with blockchain consulting firms that have completed some projects with great success and earned positive reviews. Such companies do come with robust teams of experienced personnel capable of addressing various needs about how a company intends to leverage the digital ledger technology.

Access to a local pool of developers is another critical factor that a business should consider when engaging the services of a blockchain technology-consulting firm. The developers should be readily available both in the development of a blockchain solution as well as on the implementation and maintenance of any application afterward.

Cost of service is another critical factor worth considering before signing a contract with a blockchain consulting firm. Blockchain being a revolutionary technology is sure to cost a fortune given the limited number of developers and experts with skills. However, the cost charged for blockchain consulting should be reasonable enough given that the technology is continually evolving and more changes will come into being in the long run.

When it comes to cost, you may have to go with a fixed price model if you have budgetary limitations on the amount of money that can be used on blockchain innovations. In this case, the developers will agree to work on a fixed price. While a sure way of keeping costs low, the model tends to, make it difficult for a business to enjoy new changes or upgrades that a developer may be planning to implement.

For companies with big budget allocations, going for a captive unit model would be ideal. In this case, a blockchain consulting service provider would agree to hire and train the business research and development team. Also, they would provide personal administrative, legal and management advice pertaining to blockchain technology.

A dedicated team model would be ideal where a business wishes to go a long way in the development of a given blockchain solution. In this case, a blockchain technology-consulting firm would be able to assemble a dedicated team of developers tasking them with the responsibility of addressing all the needs of a given project all the way. The dedicated team will, in this case, work as an extension of in-house business development or IT group but focusing on blockchain innovations for the business.

Essential Skills That Blockchain Consulting Firm Needs

The clear understanding of Smart Contracts

Smart Contracts are at the heart if blockchain technology as they are shaping various business operations, especially on contract management. Simply put, they are digital contracts that are enforced automatically based on predetermined actions and instructions.

Knowledge of how to come up with a smart contract and implement them should be a no brainer for any reputable blockchain technology-consulting firm. Execution of smart contracts is considered as one of the basic skills of any blockchain consultant.

Distributed Network Understanding

A blockchain consulting firm should have a clear understanding of what a distributed network is all about. A clear understanding of how such networks work as well as how to maintain them is essential if a firm is to help its clients implement blockchain technology.

Distributed networks act as the foundation of blockchain technology on which various applications such as smart contracts and decentralized applications run.

Blockchain Interoperability

Interconnection of blockchain ledgers across various platforms always comes with its fair share of risks and challenges on deployment. For this reason, a blockchain-consulting firm should be in a position to circumvent such hurdles thus allowing a business to integrate and use various blockchain solutions across various platforms.

Open source mindset is essential in this case, as that is the only way, a service provider would be able to come up with a blockchain solution for use in any platform to drive business outcomes and reduce latency.

Ability to select the right blockchain platform is essential, as that is the only way, a blockchain consulting firm would be able to ensure its clients enjoy the full benefits of blockchain technology. For this reason, any firm providing blockchain services should be conversant with various blockchain platforms ranging from Hyperledger Fabric to Ethereum as well as Ripple and R3 Corda.

Knowledge of various blockchain platforms allows blockchain service providers to identify the right platform ideal for any business need or process.

Blockchain Security

The fact that blockchain technology is continually evolving calls for improvements in security frameworks from time to time. It is essential for any international blockchain consulting firm to have a clear understanding of various security frameworks for legal compliance and regulatory needs.

How to come up with public and private cryptography keys is essential, if a firm is to ensure its clients are always one-step ahead of bad actors. The firm should also be in a position to explain how blockchain based solution is efficient and easy to operate in addition to being secure and cheaper to maintain.

Global Consulting firms on Blockchain Technology

Even as blockchain consulting continues to emerge as a lucrative business, a number of global consulting firms continue to maintain divergent views on what to expect going forward. Consulting firms are increasingly releasing findings and statements about the burgeoning sector as business and startups continue to seek professional advice.

According to New York Based McKinsey & Company, blockchain technology will take five years to reach its potential. According to the firm, challenging regulatory environment as well as transitional costs is some of the issues that continue to stifle blockchain integration in most businesses as well as organizations.

Besides, the firm believes Blockchain consulting firms will have to do more to identify clear blockchain businesses uses for the technology to go mainstream on use.

Bain & Company on its part remains upbeat about the potential impact of blockchain technology especially in the financial sector. According to the global management and consultancy firm, blockchain has the potential to make it easy for banks to stand out amongst the competition.

Correct application of the technology should prove beneficial in providing ways for financial institutions to lower their operating costs. However, for that to happen then blockchain, technology-consulting firms will have to work round the clock to come up with areas where blockchain integration is necessary and manageable.

Accenture on its part expects blockchain technology to provide new infrastructure for building the next innovative applications. The consulting firm also expects the technology to drive profound positive changes across businesses.

Given the investments as well as the way, businesses and organizations are engaging the services of blockchain consulting firms; Accenture expects Blockchain technology to supercharge artificial intelligence as well as IOT.

PricewaterhouseCoopers just like Bain & Company expects blockchain technology to have an enormous impact in the financial services sector. The international consulting firm has already developed strategic capabilities that it says will help financial institutions take advantage of the transformative blockchain technology.

Bottom Line

Blockchain technology will always have practical application and value as a revolutionary technology for enhancing efficiency. Given that the technology is still in the infancy stages of development, demand for blockchain consulting services should continue to rise.

Blockchain consulting firms with reputations in helping businesses gain a head start on the use of the technology should continue to enjoy booming business going forward.

About Author

Swati Goyal has an extensive work experience of more than 6 years, in the field of Finance in diverse roles ranging from accounts, financial research to and Cryptocurreny. She follows the Finance market and enjoys writing on it, Swati's hobby is reading, watching movies and television shows.